{"id":586,"slug":"servicetitan-ipo-december-2024-8-9b","title":"ServiceTitan IPO Dec 12, 2024: $8.9B closing cap, $685M revenue, $62B GTV, >95% gross retention, >110% NDR","kind":"reference","scope":"business","status":"current","audiences":["kevin","claude-code","candid-team"],"topics":["measurement","vertical-saas"],"reference_body":"**Claim:** ServiceTitan IPO'd on **December 12, 2024** with first-day closing market cap of **$8.9 billion**. From S-1 (filed Nov 18, 2024):\n\n- Revenue: **$685M** (12 months ending July 31, 2024)\n- **Gross Transaction Volume: $62B** processed through platform\n- **Gross Dollar Retention: >95%** for each of last 10 quarters\n- **Net Dollar Retention: >110%**\n- ~**8,000 Active Customers** as of Jan 31, 2024; ~**9,000** as of Jan 31, 2025\n- Average revenue per active customer: **$78K**\n- Subscription: 71% of revenue, embedded FinTech 25%, professional services 4%\n\n**Sources:**\n- <https://www.cnbc.com/2024/12/12/servicetitan-ipo-stock-debuts-up-42percent.html>\n- SEC S-1: <https://www.sec.gov/Archives/edgar/data/1638826/000119312524260611/d577298ds1.htm>\n- Sacra analysis: <https://sacra.com/c/servicetitan/>\n\n**Confidence:** Verified.\n\n**Strategic significance:** ServiceTitan is the existence proof that vertical SaaS owning the data layer of an industry is a $9B-cap business. The 25% embedded FinTech revenue line is the \"data exhaust → payment processing\" monetization that pure CRM vendors cannot match.","rationale_body":null,"metadata":null,"links":{"outgoing":[],"incoming":[{"slug":"servicetitan-open-data-pledge-vs-exit-friction","title":"ServiceTitan: \"Open Data Pledge\" promises CSV export — but practitioner reports cite $24k-$39k exit contract buyouts (flag for verification)","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"tunguz-vertical-saas-sales-efficiency-097-vs-066","title":"Tunguz: vertical SaaS median sales efficiency 0.97 vs horizontal 0.66 (n=54, 2015 — flag age)","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"research-brief-dataset-is-the-product","title":"Research brief: The Dataset is the Product — when a service business should own its data (piece 12 of 15)","kind":"reference","scope":"business","link_type":"relates-to"}]},"created_at":"2026-05-22T20:37:13.129Z","updated_at":"2026-05-22T20:37:13.129Z"}